The Scenius Sync (Issue #2)

Bailouts, Solana phone, & crypto's new 911 hotline

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

If you find this newsletter valuable, please subscribe and share The Scenius Sync with your network 💪.

---

Essential News 🗞

1. Morgan Creek Digital Trying to Counter FTX’s BlockFi Bailout

   • Distressed crypto lender BlockFi initially accepted terms to a $250 million credit line from FTX. Morgan Creek, an early investor in BlockFi, is attempting to raise $250 million to purchase a majority stake in BlockFi. The move by Morgan Creek is designed to thwart FTX’s offer which potentially would wipe out all existing equity shareholders.

2. Goldman Sachs is Looking to Raise $2 Billion to Purchase Celsius Assets

   • The potential purchase would allow Goldman to buy Celsius’ assets at a huge discount in the event of a bankruptcy filing. The investment bank is soliciting commitments from Web3 crypto funds, funds specializing in distressed assets, and traditional financial institutions.

3. Uniswap Pushes Further into NFTs with Genie Acquisition

   • Uniswap Labs, the company behind the world’s most popular decentralized exchange, acquired NFT marketplace aggregator Genie. With this move, Uniswap will enable users to buy and sell NFTs directly on the Uniswap web app.

4. Solana Announces Plans to Launch Web3 Native Smartphone

   • Called Saga, the smartphone is part of Solana’s new mobile-first effort which the company is calling Solana Mobile Stack (SMS). SMS will provide tools for developing native Android mobile apps, wallets, and games, and also includes a decentralized app store. The phone is expected to release in early 2023 and is available for preorder.

5. dYdX is leaving Ethereum with Plans to Launch its Own Chain on Cosmos

   • dYdX, the decentralized exchange focused on providing perpetual contracts, announced that its newest version will run on a standalone Cosmos-based blockchain instead of Ethereum. Developers believe the move will increase processing capacity and decentralization. Moreover, traders will no longer have to pay gas fees for transactions but instead, pay fees based on completed trades then paid to stakers and validators through dYdX token. The controversial transition away from Ethereum highlights the differentiated features alternative Layer 1 chains and Layer 2s can offer to applications.

---

Innovation & Adoption 💡📈

1. Christiano Ronaldo Scores Exclusive Partnership with Binance

   • As part of the deal, Ronaldo will release several NFT collections exclusively on the Binance NFT marketplace.

2. Coinbase Announces Launch of Its First-Ever Bitcoin Derivatives Product

   • According to a company blogpost, Coinbase’s Derivatives exchange will launch Nano Bitcoin Futures (BIT) on June 27th, with each contract valued at 1/100th of a Bitcoin. This is part of Coinbase’s goal to bring regulated crypto derivatives markets to all Coinbase customers, including retail.

3. Chainalysis Launches Crypto Crime Incident Response Program

   • The blockchain analytics and intelligence firm has created a 24-hour hotline for businesses that have fallen victim to crypto crimes such as ransomware attacks. Organizations that have opted for coverage will have access to Chainalysis’ response unit that has the capacity to also liaise with law enforcement.

4. Microsoft, Meta, and Others are Founding a Metaverse Open Standards Group

   • 36 high-powered organizations and companies have coalesced to foster common, interoperable standards and consistent terminology for augmented and virtual reality, geospatial, and 3D tech while also supporting action-baed projects such as hackathons.

5. Citigroup Teams up with Metaco to Develop Digital Asset Custody Platform

   • As it continues to “shore up its presence in the crypto sector,” the US banking giant has partnered with Switzerland-based crypto infrastructure firm Metaco to pilot and develop a digital asset custody platform.